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Code | Result |
---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent of the overpayment to next year’s estimates; refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or all estimated payments are made, in which case the excess is refunded. |
3 | Apply to 1st estimate; refund excess. |
4 | Apply equally to each estimates; refund excess. This option divides the total overpayment by the number of next year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount shown in the Overpayment to be applied (Code 5 or 8) field to estimates until exhausted, refund excess. |
6 | Apply to 1st and 2nd estimate; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. This option applies the entire overpayment to next year even if estimates aren't required or the overpayment is in excess of the payments required. No refund is made. |
8 | Apply amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate. This option allows an overpayment to be specified even when estimates aren't required or generated. |
Code | Result |
---|---|
1 | Use the current year income tax liability. This is the default if option 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year overpayment field.note
If the current-year’s tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this option is selected, also enter an adjustment to the current-year tax liability in the Amount to adjust current year liability (Code 2) field. If the adjustment represents a decrease, enter a negative amount. |
3 | Use the current year income tax liability even if the total liability falls below the minimum amount required for estimate payments. |
4 | Print vouchers with amount fields blank. If this option is selected, estimate vouchers print with the amount fields blank. |
5 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields aren't adjusted by any overpayment applied. |
Code | Result |
---|---|
4 | All 4 vouchers are generated. This is the default option. |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st and 2nd estimate is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd voucher. |